Mkango Resources Ltd. · TSXV:MKA
Mkango Resources — Mkango Rare Earths — SPAC Merger (June 2026)
36 slides from Mkango Resources's SPAC merger presentation, Jun 10, 2026
Slide 1: Notice to Readers
MKANGO RESOURCES LTD. Notice to Readers The attached Investor Presentation of Mkango Rare Earths Limited (“MKAR”), currently a wholly-owned subsidiary of Mkango Resources Ltd. (“Mkango”), was furnished as an exhibit to each of a Current Report on Form 8-K and a filing under Rule 425 of the Securitie
Slide 2: Mkango Rare Earths Limited Investor Presentation June 2026
MKANGO RARE EARTHS LIMITED Vertically Integrated Rare Earth Platform Securing the Global Critical Minerals Supply Chain Investor Presentation June 2026
Slide 3: Disclaimer
Disclaimer This Presentation includes information relating to the proposed business combination between Mkango Rare Earths Limited (“MKAR” or the “Company”) and Crown Proptech Acquisitions (“SPAC”), pursuant to a Business Combination Agreement, dated as of July 2, 2025 (as amended, the “Business Com
Slide 4: Disclaimer
Disclaimer MKAR’s and SPAC’s participants in the solicitation, which may, in some cases, be different than those of their respective equityholders generally, are set forth in the Registration Statement and the proxy statement/prospectus. Stockholders, potential investors and other interested persons
Slide 5: Disclaimer
Disclaimer uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties. See also “Forward-Looking Statements” above. Actual results may differ materially from the results contemplated by the projected information contained in this Pres
Slide 6: Today's Speakers
OVERVIEW Today’s Speakers MICHAEL MINNICK ALEXANDER LEMON WILLIAM DAWES Chief Executive Officer Chief Executive Officer & Director President & Director • Finance veteran with over 30 years of experience • Operator and executive with over 30 years of • Seasoned resource sector executive with over 30
Slide 7: SPAC Merger – Announced Business Combination
OVERVIEW SPAC Merger – Announced Business Combination Key Highlights • Business Combination Agreement (BCA) signed with Crown Proptech Acquisitions (CPTK), a special purpose acquisition company • Upon closing of the business combination, Mkango Rare Earths Limited (MKAR) will MKANGO RARE directly ho
Slide 8: Illustrative Transaction Overview
OVERVIEW Illustrative Transaction Overview Key Highlights Cash Sources and Uses(2) (1) Sources $M Uses $M • BCA Equity Value of $399M PIPE Proceeds $23.0 Cash to Balance Sheet $15.3 • Mkango Resources Ltd. will own 79.4%(2) of the combined entity Notes(8) $0.8 Transaction Expenses $9.1 • Targeted PI
Slide 9: Mkango Resources – Strategic Direction & Organizational Structure
OVERVIEW Mkango Resources – Strategic Direction & Organizational Structure Key Highlights Transaction Rationale ✓ Value uplift for upstream projects 79.4 % ✓ Separation of Mkango Resources Ltd. assets into a pure- De-SPAC Entity play global REE Upstream Approx. 79.4% holding, platform to be confirme
Slide 10: Proven Management Team in the Rare Earths Sector
OVERVIEW Proven Management Team in the Rare Earths Sector Alexander Lemon, Chief Executive Officer & Director World-Class Metals & Mining Experience • 30 years of experience in exploration, project development, and mining-focused business growth strategy, spanning a variety of executive and operatio
Slide 11: Non-Executive Board of Directors and Advisors
OVERVIEW Non-Executive Board of Directors and Advisors Non-Executive Board of Directors Advisors General James L. Jones, Chairman United States • 40 years of leadership experience in military operations, energy Marine Corps Ian Brzezinski United States security, foreign policy, and global strategic
Slide 12: Strong Relationships with Prominent Collaborators
OVERVIEW Strong Relationships with Prominent Collaborators Facilitated by Global Government Funding & Support $4.6M commitment secured from the U.S. The Songwe Hill Rare Earths and Pulawy projects are both Continued support from the UK Foreign International Development Finance Corporation recognized
Slide 13: Songwe + Pulawy: EU Designated Strategic Projects
OVERVIEW Songwe + Pulawy: EU Designated Strategic Projects Songwe Hill Rare Earths Project Pulawy Rare Earth Separation Plant M Designated Strategic Project Designated Strategic Project Malawi Poland Asset Type Rare Earth Exploration & Production Rare Earth Separation Mkango’s flagship development-s
Slide 14: Integrated Rare Earth Ecosystem
OVERVIEW Integrated Rare Earth Ecosystem MKAR Intends to Benefit from a Diversified and Integrated Rare Earth Mining & Separation Supply Chain MKANGO RARE EARTHS LIMITED Pulawy MKANGO RARE EARTHS LIMITED Upstream development Songwe Potential Offtake Markets / MKA Recycling Sites Mixed Rare Earth Car
Slide 15: Songwe Hill, Malawi Rare Earths Project
MKANGO RARE EARTHS LIMITED Songwe Hill, Malawi Rare Earths Project
Slide 16: Malawi – A Favorable Jurisdiction & Established Infrastructure
MINE Malawi – A Favorable Jurisdiction & Established Infrastructure High Connectivity and Longstanding, Supportive Relationships with Government and Local Communities • Premier African rare earths mineral province • Benefits from direct access to two currently active logistics corridors in ZAMBIA Ma
Slide 17: Malawi – A Stable Democracy Where Mining is a Strategic Priority
MINE Malawi – A Stable Democracy Where Mining is a Strategic Priority 30+ Years (1) $3B (2) Mining Priority (3) 10-15% (4) Projected Annual Mining Since 2023 Mines & Targeted Contribution to GDP Of Democratic Government Exports by 2034 Minerals Act from Mining Sector by 2030 PROVEN, STABLE DEMOCRACY
Slide 18: Songwe Hill Rare Earths Deposit
MINE Songwe Hill Rare Earths Deposit 18,000 Meters Drilled in 129 Boreholes Across Three Exploration Phases - Broad Zones of Carbonatite-hosted Mineralization – The Mineral Resource is Open at Depth Southward view of Songwe Hill terrain model draped with geological map showing all drilling to date(1
Slide 19: Songwe Hill Rare Earths Mine
MINE Songwe Hill Rare Earths Mine Projected Annual Production Mineral Reserve Estimate: 18.1 Million Tonnes(1) TREO Grade: 1.16%(1) Run of Mine: 1 Million Tonnes per Annum(1) Annual Production: 5,954 Tonnes per Annum(1)(2) Per-REO contribution to Songwe Hill Project • ~$23M in capital funding to dat
Slide 20: Future Facing Technologies and Geopolitical Demand Drivers
PRODUCT PROFILE Future Facing Technologies and Geopolitical Demand Drivers Forecasted CAGR for Notable Sectors NdPr Prices Over the Past Year(3) Applications Involving AI Data Electric Advanced Air Mobility Centers Vehicles $150.00 Price Floor $135.00 $120.00 Guarantees a 10- 16.1% (1) 23.0% (6) 8.9
Slide 21: Pulawy Rare Earth Separation Plant
MKANGO RARE EARTHS LIMITED Pulawy Rare Earth Separation Plant
Slide 22: Poland - A Leading Economy in the EU
SEPARATION Poland - A Leading Economy in the EU #1 (1) 3.6% (2) 38M (3) A- (4) FDI Destination in GDP Growth Credit Rating Population CEE Region (2025) (Fitch + S&P) KEY INVESTMENT DRIVERS & SECTORS INCENTIVES & STRATEGIC SUPPORT STRATEGIC OUTLOOK & MARKET DYNAMICS ● EU Critical Raw Materials positi
Slide 23: Pulawy Rare Earth Separation Plant
SEPARATION Pulawy Rare Earth Separation Plant Pulawy Separation Plant, Poland – Awarded EU Strategic Project Status • European rare earths hub projected to be underpinned by 2030 Forecasted Production sustainably sourced, mixed rare earth carbonate from based on studies to date (tpa)(1) MKAR’s Songw
Slide 24: Pulawy Rare Earth Separation Plant's Strategic Significance
SEPARATION Pulawy Rare Earth Separation Plant’s Strategic Significance A Critical Node to Strengthen the Global Rare Earth Supply Chain • Circa 91% of rare earth separation is estimated to take place in China(1), which we believe makes Pulawy strategically important in addressing supply chain vulner
Slide 25: Proposed Site for Separation Plant
SEPARATION Proposed Site for Separation Plant Strategic Location • Site located in a Polish special economic zone, next to a third-party fertilizer and chemicals plant with access to road, rail, reagents, by- product customer and utilities • Opportunity to explore expansion opportunities in the upco
Slide 26: Key Value Drivers
MKANGO RARE EARTHS LIMITED Key Value Drivers
Slide 27: Mkango's Value Proposition at a Glance
SNAPSHOT Mkango’s Value Proposition at a Glance Snapshot Across Key Value Drivers(1) Priced at a Significant Discount to Project Estimated NPVs Reserve & Resource Potential • Songwe Hill Rare Earths Project NPV: $339M • Total Reserves: 18.1Mt with 1.16% TREO (3) • Pulawy Separation Plant: $702M • Me
Slide 28: Project Timeline
TIMELINE Project Timeline 2026 2027 2027 2027 2029 2030 2048 2057 Years Closing of Target for Securing Start of Songwe Start of Pulawy Start of full Start of full Songwe Hill Pulawy Separation Plant Business Development Hill Mine Separation Plant Production from Production from (current (Life-of-Ope
Slide 29: Peer Comparison at De-SPAC
BENCHMARKING Peer Comparison at De-SPAC MKANGO RARE EARTHS LIMITED (3) Valuation $488M $870M Mine Status Development Development Pre Feasibility Study(1) Definitive Feasibility Study(2) Environmental Permitting Mineral Processing & Hydromet Piloting Test Work completed Rare Earth Oxi
Slide 30: Public Company Comparables
VALUATION OVERVIEW Public Company Comparables Company Ticker EV($M) Jurisdiction Lynas Rare Earths LYC-AU $12,377 Australia MP Materials MP 11,756 USA USA Rare Earth USAR 3,633 USA Critical Metals CRML 1,158 Greenland Lindian Resources LIN-AU 976 Malawi Arafura Rare Earths ARU-AU 624 Australia NioCo
Slide 31: Appendix
MKANGO RARE EARTHS LIMITED Appendix
Slide 32: 2026 Songwe Hill Projections
APPENDIX 2026 Songwe Hill Projections The following table sets forth the 2026 Songwe Hill Projections (1), which underly the 2026 Songwe Hill NPV of $339 million (2): US$ in millions (nominal) (amounts are annual averages for the applicable period) Units 2027 – 2028 2029 2030 2031 2032 2033 – 2037 2
Slide 33: 2025 Pulawy Projections
APPENDIX 2025 Pulawy Projections The following table sets forth the 2025 Pulawy Projections(1), which underly the 2025 Pulawy NPV of $702 million(2): US$ in millions (nominal) (amounts are annual averages for the applicable period) Units 2028 – 2029(3) 2030 2031 2032 2033 – 2037 2038 – 2042 2043 – 2
Slide 34: Mineral Resources and Mineral Reserves Summary
APPENDIX Mineral Resources and Mineral Reserves Summary(1)(2) Tonnage TREO TREO (Mt) (%) (kt) Proved Reserves 8.2 1.28 104.2 Probable Reserves 10.0 1.07 106.8 Total Reserves 18.1 1.16 211.0 Measured & Indicated Resources 4.1 1.04 43.0 Inferred Resources 55.9 1.05 589.0 (1) Mineral Reserves are state
Slide 35: S-K 1300 Definitions
APPENDIX S-K 1300 Definitions Mineral Resources • A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quan
Slide 36: Thank You
MKANGO RARE EARTHS LIMITED THANK YOU